who is here a successful day trader for more than 3 years?

Question

if you are, please recommend some books i should start with and if you have any tips please feel free! thanks

Ma Mang, can i email you?

i am a total newbie

Answer 1

Daytrading is just like regular trading except the time frame is limited to the day only. You just need to learn your technical analysis if you want to daytrade. I recommend books by Jack Schwager on Technical Analysis. Good luck. Happy Trading!

Answer 2

I used to do it for a living and I will tell you that with lots of knowledge, training and experience, I was awesome with 7 wins out of 10 plays. It's nerve racking and stresssful. It's also a game almost all amateurs lose.

You will need to learn about technical trading. Basic investing books are useless in that application because day trading is NOT investing, it is gambling.

The first rule of daytrading is that this must be money you are willing to lose 100% of. If you have any emotional attachment to your money you will not be able to execute with the discipline necessary to do it successfully.

You need to be able to read charts, spend hours each night planning the next day's possible moves and be willing and able to go in and out as you planned, and not let your emotions cause you to "ride it out just a bit more."

You will need to have a real time feed with level 2 data. You need a specialized broker in order to be able to execute quickly and accurately. Most firms just don't move that fast.

You also should expect to start with a decent pot of money. If you have less than $10K forget it because your trading costs and taxes (all short term trades are taxed at your highest marginal tax rate) will eat away at your gains. The costs are one of the biggest reasons day traders don't do better than more prudent investors.

There are courses out there that will teach you. The company that makes Tradestation also offers training. Tradestation is charting software and they also have a brokerage you can use (or you can use another if you prefer). Again, if you aren't willing to invest in learning, then this is NOT your game.

Am I trying to scare you away? Yes! Because the pros make mincemeat out of suckers that think daytrading is easy and novices mistakeningly think this is easy money.

One book I started with is "The Technical Analysis Course" by Meyers, but the books aren't worth much without hands on trading (you learn by fake trading..no money at risk, usually for several months before you play with real cash). I also own "Technical Analysis: A Personal Seminar." I had the benefit of working in an office of pros.

And note, it took me about 18 months to realize that the added returns were not worth the risks taken. I was lucky, I walked away ahead. Now I'm a financial planner and my own money is in far more prudent investments.

Answer 3

i'm not sure what books you have read or not. if you are new to investing, i hope you arent considering day trading to start off. i think the first book any person considering investing is "the intelligent investor" by benjamin graham. I'm not a day trader, but I do trade and I have been fairly consistent. Graham has some good advice.

Also, WSJ is alright, but I am a IBD guy. Speaking of IBD, William Oneil has good advice.

Answer 4

My advice would be not to daytrade: you will be crushed. That being said, if you must, check out the forums at elitetrader.com for a start. I also suggest you make sure you're overcapitalized and not in it for the money (people who trade because they want to get rich--and not because they just enjoy it--tend to fail as they lack the devotion).

Answer 5

Tip - Make gains not losses
Read - current material like WSJ

Just know when to pull out... investing is like having a g/f